Is it possible to make additional principal payments for IRS's payment plan installment agreement?

Question

I am looking at this page on IRS website

https://www.irs.gov/payments/payment-plans-installment-agreements

and I don't see any information about whether I can make additional principal payments to pay off debt faster. I also was not able to find any information about it on internet. This article

https://www.nolo.com/legal-encyclopedia/irs-installment-payment-plans-29563.html

even mentions that it's possible to end up with higher debt than you started.

So is it possible to make additional principal payments to IRS's installment agreement to pay it off faster?

Answer 1

In the last section of the IRS page you referenced ("How do I manage my plan to avoid default?"), it says to "Pay at least your minimum monthly payment when it's due," implying you can pay more than the minimum. It also says that "Your future refunds will be applied to your tax debt until it is paid in full," which would be non-scheduled/"extra" payments.

So you can make larger payments or extra payments. However, those extra payments won't reduce your monthly minimum, they'll just shorten the payoff period (kind of like making extra mortgage or car payments). It may still be possible to default if you miss a minimum payment in the future since those payments are extra payments and not early payments.